AGM Trading Update
TheWorks.co.uk PLC has reported a strong trading performance for the first 18 weeks of FY27, with like-for-like sales increasing by 10.4%, exceeding the prior year's growth of 5.9%. This positive momentum, driven by sales across all key product categories and the company's screen-free proposition, has led to an upgrade in expectations. The company now anticipates FY27 pre-IFRS 16 Adjusted EBITDA to be at least £16.0 million, an increase from previous guidance and current market expectations of £15.0 million.
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Continued positive momentum and strategic progress with +10.4% LFL sales growth during the first 18 weeks of the year supports increase to FY27 pre-IFRS 16 Adjusted EBITDA expectations
The Works, the UK's leading specialist retailer of affordable, screen-free activities for the whole family, is pleased to provide the following update on trading ahead of its Annual General Meeting being held today at 2:00pm at the offices of Squire Patton Boggs LLP, 60 London Wall, London, EC2M 5TQ.
During the first 18 weeks of FY27 to 6 September (the "Period") The Works has delivered further positive trading momentum with a 10.4% increase in like-for-like sales (FY26 comparable period: +5.9%). This performance, which has been supported by continued sales growth across all four of the Group's key product categories, reflects the strength and relevance of The Works' screen-free focused customer proposition as well as the continued execution against the Group's Elevating The Works growth strategy.
The Board is pleased with the Group's strong trading performance in FY27 to date. Whilst mindful of continuing macroeconomic uncertainty and that the key Christmas trading period is still to come, reflecting the strong trading in the year to date the Board now expects FY27 pre-IFRS 16 Adjusted EBITDA to be at least £16.0m, ahead of its previous guidance and current market expectations1.
Gavin Peck, Chief Executive Officer of The Works, commented: "We are delighted with the strong trading momentum and like-for-like sales growth achieved during the first 18 weeks of the year, which includes the important Back-to-School trading period. This performance has supported a further upgrade to the Board's FY27 pre-IFRS 16 Adjusted EBITDA expectations and reflects the successful execution of our long-term growth strategy and our clear focus on delivering a differentiated customer proposition focused on affordable screen-free activities for the whole family.
We remain focused on maintaining this strong trading momentum through the remainder of the financial year and delivering the Group's exciting long-term potential for the benefit of all stakeholders."
1 Prior to this announcement, market expectations for FY27 pre-IFRS 16 Adjusted EBITDA were in line with the Board's previous guidance at £15.0m
The Group operates a network of over 500 stores in the UK & Ireland.
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